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11. Alternative Income Index

Data as of

About the Index

All funds in index must be monthly or quarterly paying funds that have a 6%+ with 65%+ of the yield paid February to October (seeking to avoid large year-end dividends to cause inclusion in the index, and not counting special dividends in this calculation for yield). (1) 15% allocation to all the funds in the Hybrid / Balanced Index, equal weight (2) 15% allocation to all the funds in the Multisector Bond Index, equal weight. (3) 14% allocation to funds in the Equity Income Index (non MLP/Non REIT) 1/3 of funds from the index (after MLP/REIT removal) ranked by lowest daily NAV correlation over the past 6 months to the Equity Income Index NAV, equal weight. (4) 14% allocation to funds in the Taxable Bond and BDC Index (non BDC or Multisector funds) 1/4 of the funds from the index (after BDC / Multisector fund removal) ranked by lowest daily NAV correlation in the past 6 months to the Taxable Bond and BDC Index's NAV, equal weight. (5) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the BDCs in our BDC index while allowing only 1 BDC per Fund Sponsor, equal weight. (6) 10% allocation to the 10 most liquid as measured by 90 day average trade volume for the MLP funds in our MLP index while only allowing 1 MLP fund per Fund Sponsor, equal weight. (7) 8% allocation to 1/2 of the REIT / Real Asset Funds in our index with the lowest 6 month NAV correlation to the Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. (8) 8% allocation to any non-BDC CEFs that report a quarterly NAV, equal weight. (9) 6% allocation to the 5 Preferred Equity funds in our Preferred Equity Index with the lowest 6 month NAV correlation to the Preferred Equity Index's NAV while allowing only 1 fund per Fund Sponsor (lowest correlation), equal weight. The index constituents will be rebalanced each quarter.

Index Performance

Current($) Previous Day(%) 1 Week(%) 1 Month(%) 3 Month(%) 6 Month(%) 1 Year(%) 3 Year(%) 5 Year(%) MTD(%) QTD(%) YTD(%)
Price 1,186.49 0.46 1.10 3.98 7.53 -1.55 4.49 15.52 5.63 1.49 13.29 13.29
NAV 1,159.04 0.46 1.10 2.90 4.40 0.44 4.05 12.26 5.31 1.24 8.02 8.02
Difference 0.00 -0.00 -1.09 -3.13 1.99 -0.44 -3.26 -0.32 -0.26 -5.28 -5.28
* Periods greater than 1 Year are annualized.      ** On Inception Date (12/30/16), Index Price was $1,000 and NAV was $1,000.00
2019 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2019
Price 11.63 - - - - - - - - - - - - - - - - - 11.80
NAV 6.70 - - - - - - - - - - - - - - - - - 6.78
Difference -4.93 - - - - - - - - - - - - - - - - - -5.02
2018 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2018
Price 1.05 -2.84 -0.61 -2.42 2.52 1.49 0.05 4.10 1.68 2.60 0.89 -1.21 2.25 -7.13 0.69 -6.11 -12.21 -9.95 -8.28
NAV 2.01 -3.24 -0.92 -2.21 1.49 1.17 -0.24 2.42 0.21 2.19 0.90 -0.15 2.95 -3.57 0.01 -3.76 -7.18 -4.23 -4.01
Difference 0.96 -0.40 -0.32 0.21 -1.03 -0.32 -0.29 -1.67 -1.46 -0.41 0.01 1.07 0.70 3.56 -0.68 2.36 5.03 5.73 4.27
2017 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2017
Price 4.56 3.30 0.79 8.85 2.73 -0.23 0.44 2.95 11.80 1.97 -0.94 1.43 2.45 -0.87 -1.20 2.13 0.03 2.49 14.29
NAV 2.31 1.85 0.63 4.86 1.08 0.49 0.71 2.30 7.16 1.65 -0.02 0.61 2.24 0.15 0.35 1.71 2.22 4.46 11.62
Difference -2.25 -1.45 -0.15 -4.00 -1.65 0.72 0.28 -0.65 -4.64 -0.32 0.92 -0.82 -0.21 1.02 1.54 -0.42 2.18 1.97 -2.67
2016 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2016
Price -5.47 0.24 7.84 2.19 4.64 0.74 3.43 9.03 11.22 4.34 2.37 -0.17 6.63 -2.74 0.72 1.93 -0.15 6.48 17.70
NAV -3.91 -0.74 4.48 -0.34 3.57 1.33 3.17 8.27 7.93 2.75 0.80 2.01 5.65 -1.34 -0.14 2.28 0.76 6.41 14.34
Difference 1.56 -0.97 -3.35 -2.53 -1.08 0.59 -0.26 -0.77 -3.30 -1.59 -1.57 2.18 -0.98 1.40 -0.87 0.35 0.91 -0.07 -3.36
2015 - Monthly Performance (%)
Jan Feb Mar Q1 Apr May Jun Q2 1H Jul Aug Sep Q3 Oct Nov Dec Q4 2H 2015
Price 0.55 3.10 -1.29 2.33 2.07 -0.84 -4.86 -3.70 -1.37 -1.93 -3.19 -5.42 -10.20 7.13 -2.06 -3.19 1.57 -8.62 -9.99
NAV 0.06 2.09 -0.37 1.77 1.82 -0.27 -2.32 -0.81 0.96 -0.29 -3.12 -4.35 -7.60 4.18 -1.71 -3.84 -1.54 -9.13 -8.17
Difference -0.49 -1.01 0.92 -0.56 -0.25 0.57 2.53 2.89 2.33 1.64 0.07 1.07 2.60 -2.95 0.35 -0.65 -3.11 -0.51 1.82

Performance Chart

Discount

Characteristics

PORTFOLIO
Weighted Average Data
Discount
-0.70%
1Yr Disc
-1.84%
3Yr Disc
-1.45%
5Yr Disc
-2.30%
Rel Disc Range (3yr)
53.97%
Mkt Yield
9.57%
Lev Adj NAV Yield
7.67%
After Tax Yield*
8.02%
Est Tax Friction*
1.55%
3Yr NAV Volatiliy
10.46
1 Yr RoC
29.51%
3 Yr Dest RoC
4.25%
Leverage
26.66%
Non Lev Exp Ratio
2.13%
Beta (2yr)
0.55
Equity Exposure
41.33%
Bond Exposure
56.37%
# Holdings
85
Cash Weighted Duration
1.57
Comp NAV TR
-0.36%
Comp Discount
3.41%
Net Assets (M)
784
Liquidity - 90d (K)
4,232
* Based on marginal tax rates of 25% and long-term capital gains rates of 15%.

Asset Allocation

Asset Allocation as reported by each fund's sponsor as of the last reporting period.

Constituents


85 Funds

Ticker Name Sponsor Allocation Discount Market Yield RoC(1yr) Leverage Net Assets Liquidity (90d)
NIE AG Eq & Convt Incm Fd Allianz 1.29 -8.30 7.17 0.00 0.00 641 2,256
CSQ Calamos Stgc Tot Rtn Fd Calamos 1.29 -0.89 8.08 19.19 33.00 1,913 5,393
ZTR Virtus Glbl Div & Inc Fd Virtus 1.33 3.04 12.91 71.31 26.15 250 1,327
FOF C&S CE Opp Fd Cohen & Steers 1.24 -4.09 8.41 57.84 0.00 352 1,580
NHF NexPoint Stgc Opp Fd NexPoint Advisors 2.14 -9.05 10.96 33.43 17.00 779 2,724
EGIF Eagle Gwth & Incm Opp Fd Four Wood 1.33 -15.07 6.36 10.47 30.07 128 465
CGO Calamos Glbl Tot Rtn Fd Calamos 1.30 2.59 10.11 45.82 34.00 100 565
GLV Clough Glbl Div & Incm Fd Clough 1.24 -10.03 10.77 78.32 43.38 87 346
CHW Calamos Glbl Dyn Incm Fd Calamos 1.32 -2.02 10.81 30.19 37.49 469 2,412
RIV RiverNorth Opp Fd RiverNorth 2.02 -3.38 12.09 32.63 4.54 125 1,023
SCD LMP Cap & Incm Fd Legg Mason 1.31 -11.57 9.77 71.98 26.67 258 854
GLO Clough Glbl Opp Fd Clough 1.27 -11.15 10.66 21.75 43.16 341 1,559
PKO PIMCO Incm Opp Fd PIMCO 0.87 8.27 8.71 0.00 36.20 381 1,782
BTZ BR Cr Alloc Incm Tr BlackRock 0.90 -12.31 6.64 0.00 32.17 1,440 4,682
DBL DbLin Opportunistic Cr Fd Doubleline 0.86 -1.80 6.73 25.01 19.77 298 2,417
PDI PIMCO Dyn Incm Fd PIMCO 0.90 12.90 8.47 0.00 43.04 1,562 9,987
VGI Virtus Glbl Mlt-Sctr Incm Fd Virtus 0.92 -9.13 12.56 57.12 27.65 150 802
GGM Gghm Cr Alloc Fd Guggenheim 0.89 0.36 11.06 2.22 29.68 145 751
GOF Gghm Stgc Opp Fd Guggenheim 0.91 11.07 11.00 18.67 0.00 595 3,826
AWF AB Glbl Hi Incm Fd AllianceBernstein 0.92 -10.47 7.27 0.00 38.46 1,112 3,790
PFN PIMCO Incm Stgy Fd II PIMCO 0.91 7.20 9.35 0.00 25.21 579 2,534
PFL PIMCO Incm Stgy Fd PIMCO 0.88 6.50 9.55 8.32 24.93 276 1,263
DSL DbLin Incm Solutions Fd Doubleline 0.95 -0.51 9.15 2.58 30.48 2,006 10,499
RA Brkf Real Ast Incm Fd Brookfield 0.94 -8.72 11.18 35.67 25.52 854 4,328
PCI PIMCO Dyn Cr & Mortg Incm PIMCO 0.92 0.04 8.59 0.00 47.31 3,146 16,884
PHK PIMCO Hi Incm Fd PIMCO 0.93 43.93 11.03 23.65 25.22 795 5,430
BHK BR Core Bnd Tr BlackRock 0.89 -6.64 5.97 0.00 29.92 755 2,174
PGP PIMCO Glbl Stk+ & Incm Fd PIMCO 1.04 51.74 10.17 24.27 32.26 103 828
CLM Cornerstone Stgc Val Fd Cornerstone 0.92 10.00 20.00 88.72 0.00 813 6,646
CRF Cornerstone Tot Rtn Fd Cornerstone 0.91 10.90 19.83 87.13 0.00 415 4,087
DNP DNP Sel Incm Fd Duff & Phelps 0.90 16.44 6.93 35.90 26.58 2,835 5,261
GGN GAMCO Glbl Gd NtrRes Incm Gabelli 0.99 -3.10 13.70 51.83 12.00 613 3,652
GUT Gabelli Util Tr Gabelli 0.92 33.27 9.13 97.83 28.00 262 996
BTO JH Fin Opp Fd John Hancock 1.03 0.40 6.28 11.32 15.20 651 3,160
FDEU FT Dyn Euro Eq Incm Fd First Trust 0.97 -7.77 9.95 16.92 24.15 273 1,408
EOD WF Glbl Div Opp Fd Wells Fargo 0.97 -10.85 11.72 50.28 15.73 268 1,092
IAE Voya AP Hi Div Eq Incm Fd Voya 0.92 -9.09 8.82 75.26 0.00 122 518
BST BR Sci & Tech Tr BlackRock 0.97 7.58 5.61 0.00 0.00 669 4,071
BGY BR Enh Intl DivTr BlackRock 0.91 -10.62 7.41 4.71 0.00 658 2,531
BCX BR Res & Com Stgy Tr BlackRock 0.94 -13.53 7.75 55.70 0.00 869 3,477
BGR BR Nrg & Res Tr BlackRock 0.96 -10.32 7.71 60.05 0.00 402 2,539
BKT BR Incm Tr BlackRock 0.92 -6.54 7.04 13.78 31.87 400 873
NBB Nuv Taxable Muni Incm Fd Nuveen 0.92 -4.07 6.18 0.00 29.65 713 2,545
BBN BR Taxable Muni BndTr BlackRock 0.93 -2.90 6.46 0.00 37.33 1,298 4,306
MIN MFS Imd Incm Tr MFS 0.91 -6.97 9.15 70.99 0.00 473 1,334
FFC F&C Pref Sec Incm Fd Flaherty & Crumrine 1.00 0.16 7.17 0.00 35.40 828 3,782
FTF FrkTmp Ltd Dur Incm Tr Franklin 0.95 -8.60 10.82 54.81 26.65 316 1,457
EAD WF Incm Opp Fd Wells Fargo 0.96 -11.82 9.25 1.38 27.60 593 2,270
DMO WA Mortg Dfin Opp Fd Legg Mason 0.96 7.31 10.21 1.17 32.90 201 1,096
GIM Tmp Glbl Incm Fd Franklin 0.94 -11.00 7.53 0.00 0.00 963 2,524
OPP RiverNorth DbLin Stgc Opp Fd RiverNorth 0.92 -6.23 13.16 42.81 27.40 196 1,258
RCS PIMCO Stgc Incm Fd PIMCO 0.94 44.30 8.53 20.44 41.52 304 1,480
PPR Voya Prime Rt Tr Voya 0.94 -13.53 6.85 0.00 29.56 808 2,915
EFT EV Flt-Rt Incm Tr Eaton Vance 0.94 -12.03 6.37 0.00 35.80 606 2,829
VTA Invsc Dyn Cr Opp Fd Invesco 0.94 -13.36 6.93 30.45 33.00 926 5,086
ARCC Ares Capital Corp Ares 0.97 0.18 9.33 0.00 40.43 7,298 46,419
PSEC Prospect Capital Corp Prospect Capital 0.93 -27.16 10.96 0.00 42.74 3,308 17,042
MAIN Main Street Cap Corp Main Street Capital 1.01 54.68 6.13 0.00 37.42 1,506 11,022
FSK FS KKR Capital Corp FS/KKR Advisor 1.15 -25.00 11.73 0.00 41.92 2,066 14,734
HTGC Hercules Capital Hercules 1.04 25.63 9.51 0.00 43.74 1,004 7,229
TSLX TPG Specialty Lending TSL Advisers 1.02 26.78 7.61 0.00 43.72 1,057 5,527
AINV Apollo Inv Corp Apollo Investment 1.13 -19.44 11.74 0.00 42.16 1,317 7,392
TCPC BR TCP Capital Corp Tennenbaum Capital 0.98 0.14 9.91 0.00 45.79 853 4,862
NMFC New Mountain Fin Corp New Mountain Capital 0.97 2.14 9.81 0.00 54.38 1,092 6,182
GBDC Golub Capital BDC Golub Capital 0.98 14.15 7.02 0.00 50.18 965 5,103
KYN KA MLP/Midstream Inv Co Kayne Anderson 1.06 -7.84 8.82 0.00 34.25 2,239 17,756
TYG Tortoise Nrg Infra Corp Tortoise 1.13 0.63 10.33 75.00 32.10 1,352 13,900
CEM CB MLP & Midstream Fd Legg Mason 1.06 -10.15 9.46 87.47 30.96 978 8,912
FEI FT MLP & Nrg Incm Fd First Trust 1.07 -7.17 10.29 93.86 26.07 590 4,440
FMO F/C Nrg Infra Fd Guggenheim 1.07 -4.95 12.01 100.00 37.66 401 2,935
NML NB MLP Incm Fd Neuberger Berman 1.05 -11.99 8.32 100.00 27.50 510 2,973
GMZ GS MLP Incm Opp Fd Goldman Sachs 1.11 -2.21 9.50 24.04 37.74 402 3,285
CEN Center Coast MLP & Infr Fd Center Coast 1.10 -0.24 14.85 94.17 37.44 255 2,884
JMF Nuv Nrg MLP Total Rtn Fd Nuveen 1.09 -8.93 10.21 100.00 27.63 438 2,235
MIE C&S MLP Incm & Nrg Opp Fd Cohen & Steers 1.12 -9.66 9.78 100.00 34.49 280 1,619
JRI Nuv Rel-Ast Incm & Gwth Fd Nuveen 2.72 -13.88 8.13 12.50 30.36 499 2,333
AWP Abd Glbl Prmr Prop Fd Aberdeen 2.79 -10.63 10.34 63.23 3.00 554 2,057
IGR CBRE Clr Glbl Rel-Est Incm Fd CBRE Clarion 2.79 -14.10 8.28 69.17 7.76 984 3,892
FLC F&C Tot Rtn Fd Flaherty & Crumrine 1.18 -4.08 7.25 0.00 35.50 198 861
JPS Nuv Pref & Incm Sec Fd Nuveen 1.15 -4.70 7.53 0.00 35.03 1,907 9,253
LDP C&S Ltd Dur Pref & Incm Fd Cohen & Steers 1.16 -3.03 7.90 16.65 31.98 705 3,764
FPF FT Imd Dur Pref & Incm Fd First Trust 1.15 -6.44 8.07 0.00 30.58 1,377 6,432
HPI JH Pref Incm Fd John Hancock 1.21 3.14 7.86 25.24 35.52 539 1,391
BANX StoneCastle Fin Corp StoneCastle 3.93 -5.17 7.27 0.00 23.58 144 368
OXLC Oxford Lane Cap Corp Oxford Lane 3.77 35.32 15.84 0.00 39.81 275 4,582

DISCLOSURES:

These indexes were created and developed by Closed-End Fund Advisors, Inc. CEF Advisors launched these indexes in January 2017 based on December 31, 2016 data and began pricing on January 1, 2017. CEF Advisors does not guarantee the accuracy or the completeness of the index or any data included therein and CEF Advisors shall have no liability for any errors, omissions or interruptions therein. CEF Advisors makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. CEF Advisors makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall CEF Advisors have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated. Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

In case any constituents of the index experience a liquidation, merger, open-ending or are no longer a closed-end fund, we will remove them as of their last day of existence. For mergers, if the merged fund is in the same sub-grouping inside CEFdata.com, then we will replace the merged fund with it's replacement in equal dollar terms. If a fund is liquidated, open-ended, etc, we will remove the fund and its allocation from the index. In this case, for example. If a fund was 2% of the index then future pricing would assume a full allocation was 98%. The 2% is adsorbed on a pro-rata basis by all surviving funds.

© Closed-End Fund Advisors Inc.(CEFadvisors) and CEFdata.com 2017. All rights reserved. Any copying, republication or redistribution of CEFadvisors, CEFdata.com, content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of CEFAdvisors. CEFAdvisors shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Class E Units       8% PIK             8.00 %   11/6/2021     4,055,099       4,055,099       4,055,099       2.32 %